Hindenburg Made Just $4 Million From $153 Billion Adani Rout (1)

It was one of the most impactful short-seller reports ever: Hindenburg Research’s 2023 broadside against the Adani Group erased as much as $153 billion of market value.

But it turns out the US short-seller’s gains from the saga were tiny by comparison — just over $4 million.

That figure, which hasn’t been independently confirmed by Bloomberg News, was disclosed by Hindenburg in a statement on its website Monday. It’s the first time the New York-based firm, founded by Nathan Anderson, has provided a tally of its winnings from last year’s bombshell report alleging fraud and market manipulation at ...